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— HBAR Foundation (@HBAR_foundation) June 11, 2024
Identity Snap serves as an advanced plugin that significantly upgrades MetaMask’s functionality by introducing support for DIDs and VCs, specifically designed for the Hedera network. It features a user-friendly API that simplifies the creation of unique DIDs using a private key and Hedera Account ID, addressing the industry’s challenges related to unverified data and restricted capabilities.
Strategic Growth and Adoption
The strategic decision by Tuum Technologies to utilize Hedera’s robust infrastructure is motivated by its scalability and the ongoing efforts in DID development. This partnership with the HBAR Foundation aims to extend Hedera DID ownership throughout various projects, leveraging MetaMask’s extensive user base.
Industry leaders, including Jim Nasr, CEO of Acoer, have endorsed this move, noting its potential to boost the adoption of Hedera-based DIDs. Elaine Song, VP of Strategy at the HBAR Foundation, has expressed optimism about the broad adoption this initiative could trigger, pointing towards a new era of decentralized identity that supports all on-chain activities.
Despite the positive developments, current market conditions show a contrast to earlier optimistic forecasts by CNF, which speculated a price surge for Hedera (HBAR) potentially reaching $1 in 2024. According to the latest data from Coin Market Cap, Hedera (HBAR) is currently priced at $0.08954, with a decrease of 0.14% in the past day and 13.24% over the past week.